Zurich sells the headquarters of Drets Socials for 40 million

The insurance company Zurich has just closed the sale of the building that houses the headquarters of the Department of Social Rights and Inclusion on Diagonal Mar in Barcelona to the Portuguese fund Square Asset Management. The transaction was agreed for a sum close to €40 million, according to market sources.

This transaction follows other recent developments in the city, such as the Planeta headquarters, the Nestlé office, and the building that housed the Department of Economy. Investors appear to be regaining interest in the office market after several years of decline due to the boom in remote working, although it is still too early to say whether this is a consolidated trend.

The Generalitat paid 65 million for the property in 2006 and sold it to the insurance company in 2014.

The property is located at 266 Passeig Taulat, in the Sant Martí district. The asset, which has a surface area of ​​18,000 square meters spread over 23 floors, features a very recognizable structure, divided into two blocks with the upper part projecting and joined by a central concrete body. The design is the work of architect Josep Lluís Mateo. The sale was completed in an off-market process led by the consulting firm JLL. The real estate firm declined to comment on this information.

Zurich acquired the building in 2014, when the Catalan government sold it a package of 13 assets for €201 million. The transaction was part of the Catalan government's sale of assets to reduce its deficit following the 2008 economic crisis. The government had acquired the property just two years before the collapse of Lehman Brothers for €65 million from Barcelona City Council and the Consorci de la Zona Franca.

The Swiss insurance company has made several divestments in recent years in the Catalan capital. Last fall, it sold two office buildings (Passeig de Gràcia, 110, and Diagonal, 431 bis) to Alting for €50 million. A year earlier, it raised cash with several assets from the portfolio acquired from the Catalan government through the Propeal fund for €40 million.

Square Asset Management is a Portuguese asset management firm that entered the Spanish market three years ago. The investor is interested in various segments of the real estate market, with transactions such as the purchase of a portfolio of Carrefour and Cash Lepe supermarkets and another asset package consisting of Eroski gas stations. The firm has more than €2.4 billion under management.